Indraprastha Gas Ltd (IGL), the sole supplier of CNG and piped cooking gas in the national capital, today reported a muted 3 per cent growth in its net profit for the December quarter due to higher cost of gas.
Net profit in October-December quarter of this fiscal rose to Rs 89.46 crore from Rs 86.32 crore in the same period a year ago, the company said in a statement here.
Turnover rose 20 per cent to Rs 1,150.84 crore in the period compared to Rs 961.03 crore in Q3 of the last fiscal.
IGL said compressed natural gas or CNG sales recorded a 19 per cent growth at Rs 875.75 crore, while cooking gas piped to household kitchens saw a 22 per cent rise in sales to Rs 275.09 crore.
“On an overall basis there has been 2 per cent growth in sales volume during this quarter over the corresponding quarter of FY13,” it added.
The cost of gas sold also increased by 24.2 per cent to Rs 715 crore due to greater mix of high cost imported LNG (liquefied natural gas).
Depreciation expenses grew by 17.7 per cent to Rs 56 crore while the tax rate grew to 33.4 per cent in the third quarter of FY14, compared to 32.4 per cent in Q3 FY13 which led to net profit growing by only 2.9 per cent.
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